Enveda Biosciences Closes $68-million Combined Series B Equity and Debt Financing
21 Dec 2022
Dimension led the round with multiple new institutional investors and significant participation from current investors; Silicon Valley Bank provided the debt facility
Company on track to declare multiple clinical candidates in 2023
BOULDER, Colo.--(BUSINESS WIRE)-- Enveda Biosciences today announced that it has closed a $68-million equity and debt financing. Dimension led the Series B round, which included participation by multiple new institutional investors, including FPV, Jazz Venture Partners, Level Ventures, Amino Collective, Allen & Co, and Possible Ventures. All of Enveda’s current major investors, including True Ventures, Lux Capital, Wireframe Ventures, Hummingbird Ventures, and Two Sigma Ventures, also participated in the round.
Enveda’s novel drug discovery platform uses metabolomics and machine learning to identify new compounds with distinct properties that overcome key challenges with small molecules. The financing was precipitated by breakthrough milestones from the company’s platform that quickly translated to highly differentiated pipeline assets. The financing will support the advancement of these lead compounds to clinical candidacy across a number of important targets and pathways, including cytokine-receptor interactions, GPCRs, and the inflammasome pathway.
“We are thrilled to have this incredible group of investors, both new and current, participate in our Series B round,” said Viswa Colluru, Ph.D., founder and CEO of Enveda. “Our investors are leaders in biotech, providing the capital we need to build our pipeline while laying the foundation for an even stronger syndicate going forward. Their support will enable us to advance our leading programs into clinical testing and scale our platform across emerging modalities such as protein degradation and stabilization. We’re excited to continue these efforts and cement our leadership in non-genomics-based natural product discovery.”
“We share Enveda’s mission of delivering hope to patients everywhere by applying cutting-edge advancements in technology to the life sciences,” said Zavain Dar, co-founder and Managing Partner of Dimension. “In addition to building multiple technologies to enable its platform, Enveda already has produced unique compounds that are in advanced stages of pre-clinical development.”
“Enveda’s record of success demonstrates the relevance of its thesis, the promise of its technology, and the efficiency of Enveda’s distributed model,” said Pegah Ebrahimi, co-founder and Managing Partner of FPV. “We are excited for Enveda to continue delivering unique drug leads at an increasing clip through the advances it has made with its platform. We know we’ll have a strong partnership with Viswa and his outstanding team.”
“While we are prioritizing building and advancing our internal pipeline, we will continue to forge partnerships with industry-leading pharmaceutical and biotech companies in a variety of therapeutic areas, including inflammation, fibrosis, and other chronic diseases,” said Vanitha Sekar, Ph.D., Chief Business Officer of Enveda.
The closing of this Series B round brings the total capital that Enveda has raised to $124 million.
About Enveda Biosciences
Enveda Biosciences is a biotechnology company building the first high-resolution chemical map of the natural world to tackle the toughest problems in drug discovery. Enveda’s platform is the world’s most advanced drug discovery search engine for the expanse of nature’s unknown chemistry, building on years of cutting-edge advancements at the intersection of metabolomics and machine learning. Complementing its breakthrough technology, Enveda’s team includes seasoned drug hunters with decades of experience in the pharmaceutical industry working with world-leading data scientists. For more information on Enveda, visit envedabio.com.
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